Korea Investment and Securities

South Korea is in the midst of a serious political scandal that could threaten the president, but it seems to have had little impact on the IPOs of Clio Cosmetics Co and Doosan Bobcat.

Samsung BioLogics Co has priced its IPO at the top on the back of a surge in chunky orders, raising W2.25tr ($2.0bn) in South Korea's largest float since 2010.

China Resources Pharmaceutical Group, Samsung BioLogics and ZTO Express all have investors clamouring to join their IPOs, as they look to raise a combined $5.2bn.

ZTO Express and Samsung BioLogics are seeing bumper responses for their jumbo IPOs in the US and South Korea respectively, as bankers expect their bookbuilds to gain even more momentum.

South Korea’s Samsung BioLogics gathered enough orders from investors to cover its W2.25tr ($2.0bn) IPO after the very first day of bookbuilding.

Doosan Bobcat has refiled for a potential W990.9bn ($875.1m) listing on the Korean stock exchange after its first attempt for over twice that amount failed.

Asia is gearing up for a bumper week of IPOs, with two $2bn deals launching on Monday and other smaller-sized floats vying for investor attention in what has been an action-packed October.

Doosan Bobcat’s planned W2.4tr ($2.2bn) IPO in South Korea fell through this week on the back of an over-aggressive pricing strategy. Investors also withdrew their support after poor communication from the leads apparently resulted in conflicting messages on the progress of the bookbuilding. John Loh reports.

An over-ambitious price range and miscommunication among the lead banks towards the end of bookbuilding has forced Doosan Bobcat to pull its W2.4tr ($2.2bn) IPO in South Korea, according to bankers.

Doosan Bobcat is guiding investors for its W2.4tr ($2.2bn) IPO in South Korea to a price that is 15% below the bottom of the marketing range, according to bankers close to the trade.

Samsung BioLogics Co has started gauging investor interest for an up to W2.25tr ($2bn) IPO on the main Kospi board in South Korea, with bookbuilding set to begin in mid-October.

Clio Cosmetics Co is eyeing a listing on the Kosdaq to raise up to W184.4bn ($165m), with bookbuilding set to begin in October.